Financial Position - As of September 30, 2022, Trinity Place Holdings Inc. had total cash and restricted cash of $11.7 million, including $2.2 million in cash and cash equivalents and $9.5 million in restricted cash[131]. - The company has approximately $268.0 million in federal net operating loss carryforwards (NOLs) that can be utilized to reduce future taxable income and capital gains[128]. - As of September 30, 2022, total cash and restricted cash amounted to $11.7 million, down from $24.8 million as of December 31, 2021[181]. - The Corporate Credit Facility had an outstanding balance of $35.75 million as of September 30, 2022, with an effective interest rate of 9.875%[184]. - The company expects to meet its working capital needs through cash on hand, proceeds from new debt financings, and cash flow from operations[179]. - The company had net cash provided by operating activities of $6.8 million for the nine months ended September 30, 2022, an increase of approximately $37.6 million compared to a net cash used of $30.8 million for the same period in 2021[215]. - Net cash provided by investing activities increased to $17.3 million for the nine months ended September 30, 2022, up from net cash used of $84,000 in the same period in 2021, primarily due to $17.4 million in net proceeds from the sale of The Berkley[217]. - Net cash used in financing activities increased to $37.3 million for the nine months ended September 30, 2022, compared to net cash provided of $27.5 million for the same period in 2021, largely due to $31.8 million in loan paydowns[218]. Property and Development - Construction at the 77 Greenwich property is nearing completion, with the majority expected to be finished by the end of November 2022, despite delays caused by COVID-19 and supply chain issues[130]. - The 237 11th Street property, acquired for $81.2 million, consists of 105 multi-family units and is fully leased, with a 15-year Section 421-a real estate tax exemption[135]. - The Paramus property is fully leased with an annualized rent of $638,000, and the lease is set to expire in 2023[136]. - The joint venture property at 250 North 10th Street has a 98.3% occupancy rate, with a total of 234 units[133]. - The company is in discussions to amend the 77 Mortgage Loan agreement to extend the Final Completion milestone due to delays in construction[130]. - Management is exploring new investment opportunities, focusing on newly constructed multi-family properties in New York City and properties near public transportation[129]. - The company is actively considering potential acquisitions, developments, and partnerships to enhance growth opportunities[129]. Sales and Revenue - Total rental revenues increased by approximately $510,000 to $1.5 million for the three months ended September 30, 2022, compared to $967,000 for the same period in 2021, driven by higher occupancy and base rents[141]. - Sales of residential condominium units at 77 Greenwich rose by approximately $16.1 million to $17.5 million for the three months ended September 30, 2022, with six units closed compared to one unit in the same period of 2021[143]. - Total rental revenues increased by approximately $2.0 million to $4.0 million for the nine months ended September 30, 2022, compared to $2.0 million for the same period in 2021[159]. - Sales of residential condominium units at 77 Greenwich increased by approximately $27.3 million to $28.7 million for the nine months ended September 30, 2022, with 11 units closed compared to one unit in the same period of 2021[161]. Expenses and Losses - Property operating expenses increased by approximately $323,000 to $1.2 million for the three months ended September 30, 2022, primarily due to costs associated with 77 Greenwich[144]. - Real estate tax expense increased by approximately $215,000 to $486,000 for the three months ended September 30, 2022, mainly due to higher taxes for 77 Greenwich[145]. - Net loss attributable to common stockholders increased by approximately $2.8 million to $6.4 million for the three months ended September 30, 2022, primarily due to lower unrealized gains on warrants and increased operating and interest expenses[157]. - Property operating expenses decreased by approximately $1.9 million to $2.8 million for the nine months ended September 30, 2022, primarily due to lower remediation costs[162]. - General and administrative expenses increased by approximately $366,000 to $4.4 million for the nine months ended September 30, 2022, compared to $4.1 million for the same period in 2021[163]. - Cost of sales for residential condominium units increased by approximately $25.8 million to $27.2 million for the nine months ended September 30, 2022, compared to $1.4 million for the same period in 2021[165]. - Interest expense, net increased by approximately $4.6 million to $9.6 million for the nine months ended September 30, 2022, from $5.0 million in the same period in 2021[172]. - Net loss attributable to common stockholders decreased by approximately $5.8 million to $11.7 million for the nine months ended September 30, 2022, from $17.5 million for the same period in 2021[175]. Loans and Financing - The 77 Mortgage Loan was initially for $166.7 million, with $133.1 million drawn at closing and a remaining availability of $33.6 million as of September 30, 2022[191][196]. - As of September 30, 2022, the outstanding balance of the 77 Mortgage Loan was $105.6 million, which included $4.3 million in PIK interest, after a paydown of approximately $41.3 million from sales proceeds[196]. - The Mezzanine Loan had a balance of $30.3 million and accrued interest of approximately $4.5 million as of September 30, 2022[200]. - The company was in default under both the 77 Mortgage Loan and Mezzanine Loan due to incomplete items by the Final Completion milestone of September 28, 2022[197][201]. - The secured line of credit had an outstanding balance of $9.75 million and an effective interest rate of 6.25% as of September 30, 2022[209]. - The 250 North 10th JV acquired a property for $137.75 million, financed with an $82.75 million mortgage loan at an interest rate of 3.39%[210]. - The Berkley Partner Loan had a balance of $10.1 million when it was repaid in full in April 2022[208]. - The blended interest rate for the 77 Greenwich Construction Facility and the Mezzanine Loan was 10.5% annually[198]. - The 77 Mortgage Loan bears interest at a rate of 7.00% plus LIBOR, increasing to 9.00% plus LIBOR if the principal balance exceeds $91.0 million[192]. - The company anticipates obtaining an extension for the completion date of the 77 Mortgage Loan due to delays[194]. Equity and Share Transactions - In October 2021, the company issued 2,539,473 shares at $1.90 per share, raising gross proceeds of $4.8 million[211]. - In December 2021, the company completed a rights offering, issuing 903,576 shares at $1.90 per share, resulting in gross proceeds of $1.7 million[212]. - The company sold 701,327 shares for approximately $1.4 million during the year ended December 31, 2021, at a weighted average price of $1.95 per share[214]. - The company has not sold any shares under its "at-the-market" equity offering program during the nine months ended September 30, 2022[213]. Tax and Valuation - A valuation allowance of $74.8 million was recorded as of September 30, 2022, indicating that it is more likely than not that the entire deferred tax assets will not be realized[220]. - The company believes it qualifies for treatment under Section 382(l)(5) of the Code, which may allow it to utilize its NOLs without annual limitations[221].

Financial Position - As of June 30, 2022, Trinity Place Holdings Inc. had total cash and restricted cash of $16.4 million, including $3.1 million in cash and cash equivalents and $13.3 million in restricted cash[199]. - As of June 30, 2022, total cash and restricted cash amounted to $16.4 million, down from $24.8 million as of December 31, 2021[252]. - The company has approximately $261.8 million of federal net operating loss carryforwards (NOLs) as of June 30, 2022, which can be utilized to reduce future taxable income[196]. - The company's U.S. federal net operating losses (NOLs) were approximately $261.8 million as of June 30, 2022, with a valuation allowance of $72.6 million recorded[290]. - The company has a provision in its certificate of incorporation to preserve certain tax benefits associated with its NOLs, prohibiting stock transfers that would result in a person or group becoming a 4.75% stockholder[295]. Property and Leasing - The company owns a 10% interest in a joint venture for a 234-unit multi-family property at 250 North 10th Street, Brooklyn, which is 98.3% leased as of June 30, 2022[202]. - The 237 11th Street property, a 105-unit multi-family building, is 99.1% leased, with a total building size of approximately 80,000 rentable square feet[202]. - The Paramus property is fully leased (100%) with 77,000 square feet of retail space, generating annualized rent of $638,000, with leases expiring in 2023[207]. - The company has closed on the sale of 19 residential condominium units at 77 Greenwich through June 30, 2022, with ongoing closings expected[202]. Revenue and Expenses - Rental revenues increased by approximately $654,000 to $1.2 million for the three months ended June 30, 2022, compared to $577,000 for the same period in 2021, driven by higher occupancy and base rents[212]. - For the six months ended June 30, 2022, rental revenues increased by approximately $1.5 million to $2.5 million from $1.0 million for the same period in 2021, due to higher occupancy and base rents[230]. - Gross sales proceeds from residential condominium units at 77 Greenwich were approximately $5.1 million for the three months ended June 30, 2022, with units sold being generally lower priced and smaller[214]. - Gross sales proceeds from residential condominium units at 77 Greenwich for the six months ended June 30, 2022, were approximately $11.2 million[232]. - Property operating expenses decreased by approximately $1.1 million to $766,000 for the three months ended June 30, 2022, primarily due to lower remediation costs[215]. - Property operating expenses decreased by approximately $2.2 million to $1.6 million for the six months ended June 30, 2022, reflecting completion of remediation efforts[233]. - Real estate tax expense increased by approximately $337,000 to $416,000 for the three months ended June 30, 2022, mainly due to less capitalized real estate taxes for 77 Greenwich[216]. - Real estate tax expense increased by approximately $648,000 to $806,000 for the six months ended June 30, 2022, due to less capitalized real estate taxes for 77 Greenwich[234]. - Net loss attributable to common stockholders decreased by approximately $6.2 million to $223,000 for the three months ended June 30, 2022, attributed to increased rental revenue and lower property operating expenses[228]. - Net loss attributable to common stockholders decreased by approximately $8.5 million to $5.4 million for the six months ended June 30, 2022, from $13.9 million for the same period in 2021[246]. Financing and Debt - The construction facility for 77 Greenwich had a balance of $112.9 million as of June 30, 2022, with $33.6 million remaining availability to complete construction[202]. - The company anticipates entering into an amendment to the 77 Mortgage Loan agreement to extend the Final Completion milestone, which is currently set for September 28, 2022[198]. - The Corporate Credit Facility had an outstanding balance of $35.75 million as of June 30, 2022, with an effective interest rate of 9.875%[258]. - The commitment under the Corporate Credit Facility was reduced from $70.0 million to $62.5 million, with a potential increase of $25.0 million upon meeting certain conditions[259]. - As of June 30, 2022, the 77 Mortgage Loan had been paid down by approximately $25.8 million, resulting in a balance of $112.9 million, with $4.0 million in accrued PIK interest[269]. - The Mezzanine Loan balance as of June 30, 2022, was $30.3 million, with accrued interest totaling approximately $3.3 million[272]. - The 77 Mortgage Loan bears interest at a rate of 7.00% plus LIBOR, increasing to 9.00% plus LIBOR if the principal balance exceeds $91.0 million[266]. - The 77 Mortgage Loan has a two-year term with an option to extend for an additional year under certain circumstances[266]. - The blended interest rate for the 77 Greenwich Construction Facility and the Mezzanine Loan was 8.26% on an annual basis[270]. - The New Berkley Loan was a 7-year loan of $33.0 million with a fixed interest rate of 2.717%, which was repaid in full in April 2022[277]. - As of June 30, 2022, the outstanding balance from the 237 11th Senior Loan was $48.8 million and $10.0 million from the 237 11th Mezz Loan[275]. - Interest expense, net increased by approximately $3.4 million to $6.1 million for the six months ended June 30, 2022, from $2.6 million for the same period in 2021[243]. Investment and Future Plans - The company is exploring new investment opportunities, particularly in newly constructed multi-family properties in New York City, while also considering stock repurchases and potential acquisitions[197]. - The company is exploring various capital-raising transactions, including asset sales and equity offerings, to address liquidity needs[249]. - The company raised $4.8 million from a private placement of 2,539,473 shares at $1.90 per share in October 2021[283]. - A common stock rights offering in December 2021 resulted in gross proceeds of $1.7 million from the issuance of 903,576 shares at $1.90 per share[284]. - The company recorded a cost of sales of approximately $10.5 million related to the commencement of sales of residential condominium units for the six months ended June 30, 2022[237]. Cash Flow - Net cash provided by operating activities increased by approximately $23.3 million to $370,000 for the six months ended June 30, 2022, compared to a net cash used of $22.9 million for the same period in 2021[287]. - Net cash provided by investing activities increased by approximately $17.4 million to $17.3 million for the six months ended June 30, 2022, primarily due to proceeds from the sale of The Berkley[288]. - Net cash used in financing activities increased by approximately $42.9 million to $26.2 million for the six months ended June 30, 2022, largely due to loan paydowns and the payoff of the Pacolet Partner Loan[289].

Financial Position - As of March 31, 2022, Trinity Place Holdings Inc. had total cash and restricted cash of $15.6 million, with $1.4 million in cash and cash equivalents and $14.2 million in restricted cash[180]. - Total cash and restricted cash as of March 31, 2022, was $15.6 million, down from $24.8 million as of December 31, 2021, with approximately $1.4 million in cash and cash equivalents[213]. - As of March 31, 2022, the Corporate Credit Facility had an outstanding balance of $35.75 million with an effective interest rate of 9.63%[218]. - As of March 31, 2022, the company reported a net cash used in operating activities of $619,000, a decrease of approximately $1.4 million from $2.0 million for the same period in 2021[248]. - The company had approximately $162.8 million in U.S. federal net operating losses (NOLs) as of the emergence date of the Syms bankruptcy, increasing to approximately $251.9 million as of March 31, 2022[251]. Property and Investments - The company owns a 105-unit multi-family property at 237 11th Street, Brooklyn, which is fully leased, and a retail property in Paramus, New Jersey, also fully leased[182]. - The joint venture sale of The Berkley, a 95-unit multi-family property, was completed in April 2022 for $71.02 million[188]. - The 77 Greenwich project is nearing completion, consisting of 90 luxury residential units and 7,500 square feet of retail space, with 17 units sold as of March 31, 2022[182]. - The Paramus property has a retail lease with annualized rent of $140,000 expiring in 2023, and the 237 11th property has multiple retail leases with varying expiration dates[190]. - The company is exploring new investment opportunities, focusing on newly constructed multi-family properties in New York City and properties near public transportation[179]. Revenue and Expenses - Rental revenues increased by approximately $813,000 to $1.3 million for the three months ended March 31, 2022, compared to $447,000 for the same period in 2021, driven by higher occupancy and face rents[193]. - Property operating expenses decreased by approximately $1.2 million to $548,000 for the three months ended March 31, 2022, from $1.7 million for the same period in 2021, primarily due to lower remediation costs[196]. - Net loss attributable to common stockholders decreased by approximately $4.4 million to $2.5 million for the three months ended March 31, 2022, from $6.9 million for the same period in 2021, mainly due to increased rental revenue and lower property operating expenses[208]. - Equity in net income from unconsolidated joint ventures increased by approximately $1.1 million to $746,000 for the three months ended March 31, 2022, from a net loss of $372,000 for the same period in 2021[203]. Financing and Debt - The 77 Mortgage Loan has a total credit amount of up to $166.7 million, with $133.1 million borrowed on the closing date[223]. - The 77 Mortgage Loan has been paid down by approximately $20.5 million to a balance of $115.9 million as of March 31, 2022[228]. - The Mezzanine Loan balance as of March 31, 2022, was $30.3 million with accrued interest totaling approximately $2.1 million[233]. - The blended interest rate for the 77 Greenwich Construction Facility and the Mezzanine Loan was 8.26% on an annual basis[230]. - The company is required to achieve completion of the construction work for the 77 Mortgage Loan Project on or before July 1, 2022[226]. Legal and Compliance - The company is actively engaged in litigation regarding construction defects at the 237 11th property, seeking recovery for damages incurred[186]. - The company was in compliance with all covenants of the Corporate Credit Facility as of March 31, 2022[222]. Capital Raising and Stock Issuance - The company is exploring various capital-raising transactions, including asset sales and equity offerings, to address liquidity needs[211]. - The company issued 2,539,473 shares of common stock at a price of $1.90 per share in a private placement, resulting in gross proceeds of $4.8 million in October 2021[243]. - A common stock rights offering in December 2021 resulted in the issuance of 903,576 shares at $1.90 per share, generating gross proceeds of $1.7 million[244]. - The company has approximately $8.6 million of common stock remaining available for issuance under its at-the-market equity offering program as of March 31, 2022[247]. Interest and Expenses - Interest expense, net increased by approximately $199,000 to $802,000 for the three months ended March 31, 2022, from $603,000 for the same period in 2021[205]. - General and administrative expenses decreased by approximately $104,000 to $1.1 million for the three months ended March 31, 2022, from $1.2 million for the same period in 2021[198]. - Unrealized loss on warrants decreased by approximately $1.6 million to $369,000 for the three months ended March 31, 2022, from a loss of $2.0 million for the same period in 2021[204]. - The company has a commitment fee of $2.45 million for the Corporate Credit Facility, of which $1.85 million has been paid as of March 31, 2022[217].

Financial Performance and Condition - The company has not generated an operating profit and has had negative cash flow from operations since its formation, requiring substantial capital expenditures for its business plan[38]. - The company faces substantial indebtedness, increasing the risk of default and affecting its financial condition and results of operations[43]. - Investment returns from 77 Greenwich and other properties may be less than anticipated due to market conditions and operating expenses exceeding projections[47]. - The company may incur higher construction costs for 77 Greenwich due to factors such as increased materials and labor costs, impacting profitability[50]. - Political and economic uncertainty, including the impact of COVID-19, could adversely affect business operations and financial condition[80]. Market and Operational Risks - The New York City residential condominium market has experienced significant volatility, with a historically high number of unsold units, impacting demand and pricing pressures[41]. - The bankruptcy or downturn of major tenants could adversely affect the company's cash flows and property values, leading to increased vacancy rates[53]. - The business plan heavily relies on the successful development and sale of condominiums at 77 Greenwich, which is currently the company's largest asset[40]. - The sales of these units are influenced by various market factors, including interest rates and local employment trends[41]. - Competition for acquisitions may increase costs and reduce available opportunities, adversely affecting growth[64]. Regulatory and Compliance Issues - The company is subject to restrictive covenants in its loan agreements, which may limit its flexibility to pursue acquisitions or investments[46]. - The Rent Stabilization Law limits the ability to raise rents above specified maximum amounts, potentially impairing revenue[62]. - The proposed Good Cause Eviction bill may impose restrictions on rent increases and the right not to renew market rate unit leases[63]. - The company may face significant costs to comply with environmental laws and regulations, impacting financial condition[73]. - Compliance with the Americans with Disabilities Act (ADA) may require substantial alterations and capital expenditures[75]. - The company may not maintain certain tax benefits if not in compliance with NYC Department of Housing Preservation and Development requirements[71]. Stock and Ownership Structure - The company's common stock is thinly traded, with a price range from a high of $7.45 per share in May 2018 to a low of $1.11 per share in April 2020, indicating significant volatility[85]. - As of December 31, 2021, there were 36,626,549 shares of common stock outstanding, along with warrants to purchase 7,179,000 shares[90]. - The company is authorized to issue an aggregate of 120,000,000 shares of capital stock, which may lead to dilution of existing stockholders' ownership interests[87]. - More than 50% of the company's common stock is controlled by four stockholders, potentially influencing corporate decisions and outcomes[95]. - The concentration of ownership among a few stockholders may deter unsolicited takeovers, affecting market price and investor interest[95]. - The company has implemented transfer restrictions in its certificate of incorporation to protect its net operating losses (NOLs), which may limit liquidity for certain stockholders[99]. - The company is classified as a U.S. real property holding corporation, which may subject non-U.S. investors to U.S. federal income tax on gains from the sale of its common stock[108]. - The company has never paid dividends on its common stock and does not expect to do so in the foreseeable future, limiting returns to stock price appreciation[100]. - The company may face challenges in raising capital if the stock price declines, which could impair future equity offerings[92]. - The company’s stock price may fluctuate significantly due to various factors, including market conditions and sales by significant stockholders[86]. Liquidity and Financial Reserves - As of December 31, 2021, the company had $4.0 million set aside as minimum liquidity for the development and financing of 77 Greenwich, limiting available funds for operations[39]. - The company had approximately $247.5 million of federal net operating losses (NOLs) as of December 31, 2021[79]. - The phasing out of LIBOR may affect financial results, with uncertainty regarding alternative reference rates[69].

Financial Performance - Trinity Place Holdings Inc. has approximately $244.3 million in federal net operating loss carryforwards as of September 30, 2021, which can be utilized to reduce future taxable income and capital gains [147]. - Net loss attributable to common stockholders decreased by approximately $4.4 million to $1.0 million for the three months ended September 30, 2021, from $5.4 million for the same period in 2020, mainly due to increased rental revenue and lower property operating expenses [180]. - Net loss attributable to common stockholders increased by approximately $24.2 million to $12.3 million for the nine months ended September 30, 2021, from net income of $11.9 million for the same period in 2020 [200]. - Other income increased by approximately $101,000 to $332,000 during the nine months ended September 30, 2021, primarily due to the forgiveness of a PPP Loan of $243,000 [184]. - General and administrative expenses increased by approximately $29,000 to $1.2 million for the three months ended September 30, 2021, compared to the same period in 2020 [170]. - General and administrative expenses decreased by approximately $298,000 to $3.7 million for the nine months ended September 30, 2021, from $4.0 million for the same period in 2020 [188]. Property Operations - The company owns a 105-unit multi-family property at 237 11th Street, Brooklyn, which is 92.4% leased as of September 30, 2021 [153]. - Rent collections at the properties have remained strong, aligning with pre-pandemic rates, with 100% of rent due collected during the three and nine months ended September 30, 2021 [156]. - The Paramus property is fully leased at 100% occupancy, consisting of approximately 77,000 square feet, with a lease agreement with Restoration Hardware set to end on March 31, 2023 [156]. - The Berkley property collected 99.3% and 99.8% of rent due for the three and nine months ended September 30, 2021, respectively, and was 100% leased as of October 31, 2021 [161]. - The company collected 100% of rent due during the three and nine months ended September 30, 2021, with the property approximately 92.4% leased as of October 31, 2021 [218]. Development Projects - The 77 Greenwich project is nearing completion, with 90 luxury residential condominium units and 7,500 square feet of retail space, and construction was temporarily suspended due to COVID-19 but has since resumed [153]. - The company has received $46.1 million from the New York City School Construction Authority for the construction of a school as part of the 77 Greenwich development, with an additional $50.1 million in reimbursable construction costs [155]. - The COVID-19 pandemic has significantly impacted the company's operations, particularly affecting sales activity at 77 Greenwich, although recent months have shown signs of recovery in the New York City real estate market [149]. Financial Position - Total cash and restricted cash as of September 30, 2021, was $12.6 million, down from $16.1 million as of December 31, 2020 [205]. - The Corporate Credit Facility had an outstanding balance of $35.75 million as of September 30, 2021, with an effective interest rate of 9.63% [211]. - The company has an outstanding balance of $48.7 million from the 237 11th Senior Loan and $10.0 million from the 237 11th Mezz Loan as of September 30, 2021 [217]. - The company repaid the 237 11th mortgage loan's balance of $56.4 million in full in June 2021, along with an exit fee of $567,000 [215]. - As of September 30, 2021, the outstanding balance on the 77 Greenwich Construction Facility was approximately $159.4 million, down from $139.0 million at December 31, 2020 [219]. Cash Flow - Net cash used in operating activities decreased by approximately $5.6 million to $1.4 million for the nine months ended September 30, 2021, compared to $7.0 million for the same period in 2020 [230]. - Net cash used in investing activities decreased by approximately $18.9 million to $29.5 million for the nine months ended September 30, 2021, from $48.4 million for the same period in 2020 [231]. - Net cash provided by financing activities decreased by approximately $27.4 million to $27.5 million for the nine months ended September 30, 2021, from $54.9 million for the same period in 2020 [232]. Taxation and NOLs - U.S. federal net operating losses (NOLs) increased from approximately $162.8 million at the emergence date of the Syms bankruptcy to approximately $244.3 million as of September 30, 2021 [233]. - Approximately $11.6 million of federal NOLs were applied against taxable capital gains of approximately $18.5 million [234]. - A valuation allowance of $65.8 million was recorded as of September 30, 2021, indicating that it is more likely than not that the entire deferred tax assets will not be realized [237]. - The company believes it qualifies for treatment under Section 382(l)(5) of the Code, which may allow it to utilize its NOLs without annual limitations [238]. - The company utilized approximately $23.8 million of federal NOLs from 2009 through September 30, 2021 [234]. Risks and Monitoring - The company is monitoring the impact of the COVID-19 pandemic on its operations and financial performance [243]. - Risks include limited cash resources, reliance on external financing, and potential defaults on obligations [243].

Assets and Properties - Trinity Place Holdings Inc. has a significant asset at 77 Greenwich, a mixed-use project with 90 residential units, retail space, and an elementary school, currently under development[133]. - The company owns a 105-unit multi-family property at 237 11th Street, Brooklyn, which is 84.8% leased as of June 30, 2021[139]. - The total rentable square footage of the company's properties is approximately 380,000 square feet, with 434 units across various locations[139]. - The property at 223 North 8th Street, The Berkley, achieved 100% lease occupancy as of July 31, 2021, with 100% of rent collected during the three and six months ended June 30, 2021[147]. - The property at 250 North 10th Street collected approximately 96% and 94% of rent due for the three and six months ended June 30, 2021, respectively, with a leasing rate of approximately 99% as of July 31, 2021[147]. - The company collected 100% of rent due during the three and six months ended June 30, 2021, with the property approximately 90.7% leased as of July 31, 2021[198]. Financial Performance - Rental revenues increased by approximately $151,000 to $425,000 for the three months ended June 30, 2021, compared to $274,000 for the same period in 2020, driven by higher occupancy and face rents[151]. - Rental revenues for the six months ended June 30, 2021, increased by approximately $146,000 to $724,000 from $578,000 for the same period in 2020, attributed to higher occupancy and reduced rent concessions[165]. - Other income rose by approximately $128,000 to $256,000 for the three months ended June 30, 2021, primarily due to the forgiveness of a $243,000 Paycheck Protection Program Loan[152]. - Net loss attributable to common stockholders increased by approximately $25.2 million to $4.7 million for the three months ended June 30, 2021, compared to income of $20.5 million for the same period in 2020[164]. - Net loss attributable to common stockholders increased by approximately $28.6 million to $11.3 million for the six months ended June 30, 2021, from income of $17.3 million for the same period in 2020[181]. Expenses and Liabilities - Property operating expenses increased by approximately $298,000 to $1.5 million for the three months ended June 30, 2021, largely due to costs associated with repairs and leasing commissions[153]. - Property operating expenses increased by approximately $359,000 to $3.1 million for the six months ended June 30, 2021, compared to $2.8 million for the same period in 2020[169]. - Interest expense, net increased by approximately $627,000 to $881,000 for the three months ended June 30, 2021, due to larger borrowings on the 77 Greenwich Construction Facility and new borrowings under various credit facilities[162]. - Interest expense, net increased by approximately $1.2 million to $1.5 million for the six months ended June 30, 2021, from $250,000 for the same period in 2020[179]. - General and administrative expenses decreased by approximately $196,000 to $1.2 million for the three months ended June 30, 2021, compared to $1.4 million for the same period in 2020[155]. - General and administrative expenses decreased by approximately $327,000 to $2.4 million for the six months ended June 30, 2021, from $2.8 million for the same period in 2020[171]. Cash Flow and Financing - As of June 30, 2021, total cash and restricted cash amounted to $9.8 million, down from $16.1 million as of December 31, 2020[187]. - The Corporate Credit Facility had an outstanding balance of $35.75 million as of June 30, 2021, with an effective interest rate of 9.63%[190]. - The secured line of credit had an outstanding balance of $8.95 million as of June 30, 2021, with an effective interest rate of 3.25%[207]. - The company has a $12.75 million secured line of credit with Sterling National Bank, which was amended to extend the maturity date to March 2022[207]. - Net cash used in operating activities decreased by approximately $4.5 million to $1.6 million for the six months ended June 30, 2021, compared to $6.1 million for the same period in 2020[212]. - Net cash used in investing activities decreased by approximately $15.8 million to $21.4 million for the six months ended June 30, 2021, from $37.2 million for the same period in 2020[213]. - Net cash provided by financing activities decreased by approximately $30.1 million to $16.7 million for the six months ended June 30, 2021, from $46.8 million for the same period in 2020[214]. Tax and NOLs - The company has approximately $240.7 million in federal net operating loss carryforwards as of June 30, 2021, which can reduce future taxable income[133]. - U.S. federal net operating losses (NOLs) increased from approximately $162.8 million at emergence to approximately $240.7 million as of June 30, 2021[215]. - Approximately $11.6 million of federal NOLs were applied against taxable capital gains of approximately $18.5 million in connection with the conveyance of the school condominium[215]. - A valuation allowance of $64.6 million was recorded as of June 30, 2021, indicating that it is more likely than not that the entire deferred tax assets will not be realized[218]. - The CARES Act allowed for a full refund of AMT credits for tax years 2018 and 2019, which did not have a material impact on the company's financial position for the six months ended June 30, 2021[217]. - The company has utilized approximately $23.9 million of federal NOLs from 2009 through June 30, 2021[215]. - The company believes it qualifies for treatment under Section 382(l)(5) of the Code, which may allow for the full utilization of NOLs without annual limitations[219]. COVID-19 Impact and Market Risks - Rent collections at the properties have remained strong, aligning with pre-pandemic rates despite increased vacancy rates in New York City[138]. - The company anticipates a reduction in concessions as more tenants return to New York City, following the implementation of COVID-19 vaccination programs[137]. - The construction of 77 Greenwich was temporarily suspended due to COVID-19 but has since resumed, with significant progress made as of June 30, 2021[139]. - The company is monitoring the impact of COVID-19 on its operations and financial position[222]. - Risks include adverse trends in the New York City residential condominium market and the ability to obtain additional financing on favorable terms[224]. Investment Opportunities - The company is exploring new investment opportunities, focusing on newly constructed multi-family properties in New York City and properties near public transportation[134]. - The company anticipates receiving TCOs in stages throughout 2021, with the first TCO received in March 2021[200]. - The company incurred significant cash outflows for repairs related to construction defects at 237 11th, with remediation work completed as of June 30, 2021[198]. - The new 7-year Berkley Loan of $33.0 million bears interest at a fixed rate of 2.717% and is interest-only for the initial five years[208]. - The mezzanine loan agreement entered in December 2020 is for $7.5 million with a term of three years, and the blended interest rate for the 77 Greenwich Construction Facility and the Mezzanine Loan is 9.44%[205].

Property Development - Trinity Place Holdings Inc. owns a property at 77 Greenwich Street, currently under development as a mixed-use project with 90 residential units, retail space, and a school[118]. - The construction of 77 Greenwich was temporarily suspended due to COVID-19 but has since resumed, with 100% of the building enclosure completed as of March 31, 2021[123]. - The company anticipates receiving temporary certificates of occupancy in stages throughout 2021, with the first received on March 8, 2021[126]. - The SCA has agreed to pay $41.5 million for the purchase of a condominium unit as part of the 77 Greenwich development, with $46.0 million already received[125]. - The company is focused on evaluating new investment opportunities in newly constructed multi-family properties in New York City and nearby areas[119]. Financial Performance - Rent collections at Trinity's properties have remained strong, aligning with pre-pandemic rates, despite broader market trends[122]. - Rental revenues decreased by approximately $28,000 to $299,000 for the three months ended March 31, 2021, compared to $327,000 for the same period in 2020[135]. - The property at 237 11th experienced lower occupancy and increased rent concessions due to construction-related defects, impacting overall revenue[135]. - Property operating expenses increased by approximately $61,000 to $1.7 million for the three months ended March 31, 2021, primarily due to repair costs associated with 237 11th[137]. - General and administrative expenses decreased by approximately $131,000 to $1.2 million for the three months ended March 31, 2021, compared to $1.3 million for the same period in 2020[139]. - Net loss attributable to common stockholders increased by approximately $3.3 million to $6.6 million for the three months ended March 31, 2021, primarily due to an increase in unrealized loss on warrants[148]. Cash Flow and Financing - As of March 31, 2021, total cash and restricted cash amounted to $11.7 million, down from $16.1 million as of December 31, 2020[151]. - The Corporate Credit Facility was established with an initial credit amount of $70.0 million, which can be increased by $25.0 million under certain conditions[153]. - As of March 31, 2021, the outstanding balance of the Corporate Credit Facility was $35.75 million, with an effective interest rate of 9.5%[153]. - The 237 11th Loan had a balance of $55.2 million as of March 31, 2021, with an effective interest rate of 2.75%[157]. - The 77 Greenwich Construction Facility had a balance of approximately $145.9 million at March 31, 2021, with an effective interest rate of 9.25%[159]. - The secured line of credit had an outstanding balance of $8.95 million as of March 31, 2021, with an effective interest rate of 3.25%[166]. - The Corporate Credit Facility bears interest at a rate of 5.25% plus a scheduled interest rate that increases by 125 basis points every six months[153]. - As of March 31, 2021, accrued interest on the Corporate Credit Facility totaled approximately $2.0 million[153]. - The 77 Greenwich Construction Facility has a four-year term ending January 2022, with an extension option for an additional year[159]. Occupancy and Rent Collection - The 237 11th Street property has a current occupancy rate of 28.6% with 105 units, while the joint venture properties have occupancy rates of 100% and 97.4% respectively[123]. - The property at The Berkley collected 100% of rent due during the three months ended March 31, 2021, and was 100% leased as of April 30, 2021[131]. - The property at 250 North 10th collected approximately 92.9% of rent due during the three months ended March 31, 2021, and was also 100% leased as of April 30, 2021[131]. - The Paramus property has a 100% rent collection rate during the three months ended March 31, 2021, and the company is exploring options for its future[126]. - The Company collected 100% of rent due during the three months ended March 31, 2021, with the property approximately 43% leased as of April 30, 2021[158]. Impact of COVID-19 - The impact of COVID-19 on the company's operations has been significant, affecting sales and construction timelines, but there are signs of recovery in the New York City real estate market[120]. - U.S. federal net operating losses (NOLs) were approximately $236.3 million as of March 31, 2021, an increase from $162.8 million at the emergence date of the Syms bankruptcy[176]. - The CARES Act allowed for a full refund of AMT credits for tax years 2018 and 2019, which did not materially impact the company's financial position for Q1 2021[178]. - A valuation allowance of $62.4 million was recorded as of March 31, 2021, indicating that it is more likely than not that the entire deferred tax assets will not be realized[179]. Risk Management - The company emphasizes the importance of considering risks identified in the "Risk Factors" section of its 2020 Annual Report and the current Quarterly Report, which could lead to material differences in actual results compared to anticipated outcomes[187]. - As a smaller reporting company, the company is not required to provide detailed disclosures about market risk, indicating a focus on streamlined reporting[188].

Financial Viability and Performance - The company has not generated an operating profit and has had negative cash flow from operations since its formation, raising concerns about long-term viability[37]. - The company has limited cash resources and relies on external capital to fund ongoing operations, making it vulnerable to unfavorable market conditions[39]. - The impact of COVID-19 has significantly affected the company's operations, particularly in relation to the sales of residential condominium units at 77 Greenwich[36]. - The company faces substantial indebtedness, increasing the risk of default on obligations and higher debt service requirements, which could adversely affect financial condition[43]. - As of December 31, 2020, the company had approximately $232.0 million of federal net operating losses (NOLs) which may be limited due to future transactions and ownership changes[85]. - The Tax Cuts and Jobs Act (TCJA) limits the deductibility of NOLs arising in tax years beginning after December 31, 2017, to 80% of taxable income[85]. - The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows losses arising in taxable years beginning after December 31, 2017, and before January 1, 2021, to be carried back up to five years[85]. Business Operations and Development Risks - The company's business plan heavily relies on the development of 77 Greenwich, which is currently its largest asset, and any inability to execute this plan could materially affect financial condition and results[41]. - Plans for 77 Greenwich include 90 luxury residential condominium apartments, but the New York City market has seen a historically high number of unsold units, leading to pricing pressures[42]. - The company is exposed to risks associated with property development, including potential cost overruns and delays in obtaining necessary permits[49]. - The bankruptcy or downturn of major tenants could adversely affect cash flows and property values, particularly in the face of increasing competition from e-commerce[54]. - Rent stabilization regulations may limit the company's ability to raise rents, potentially impairing revenue growth from multi-family residential properties[60]. - A proposed New York State bill (Good Cause Eviction) could impose further restrictions on rent increases and lease renewals, impacting market rent growth[64]. - The company may acquire properties with known and unknown liabilities, which could adversely affect cash flow and result in substantial repair costs[56]. - The company faces risks associated with joint ventures, including potential bankruptcy of partners and decision-making impasses[70]. Financial Structure and Stockholder Considerations - The company's common stock is thinly traded, with a price range from a high of $7.45 per share in May 2018 to a low of $1.11 per share in April 2020[92]. - As of December 31, 2020, there were 32,172,107 shares of common stock outstanding, with an additional 7,179,000 warrants to purchase common stock[96]. - More than 50% of the company's common stock is controlled by four stockholders, potentially influencing corporate decisions[103]. - The company has never paid a cash dividend on its common stock and does not expect to do so in the foreseeable future[106]. - The company may issue additional equity securities, which could dilute current stockholders' ownership interests[97]. - The exclusive forum provision in the company's certificate of incorporation may discourage claims or limit stockholders' ability to submit claims in a favorable judicial forum[110]. Regulatory and Compliance Risks - Covenants in loan agreements may limit the company's flexibility to pursue acquisitions or investments, and failure to meet these covenants could lead to defaults[47]. - Compliance with the NYC Department of Housing Preservation and Development is necessary to maintain tax benefits for properties, which could be at risk if requirements are not met[76]. - The company may incur significant costs to comply with environmental laws, which could impair leasing and sales of real estate[78]. - The potential phasing out of LIBOR after 2021 may affect the company's financial results and interest payments[71]. Governance and Market Conditions - The company has a classified board of directors with two-year staggered terms to enhance governance[114]. - Limitations in the company's certificate of incorporation are designed to protect its net operating losses (NOLs) and certain other tax attributes[114]. - The company has authorization for blank check preferred stock, which could be issued with superior rights compared to its common stock[114]. - The company faces risks related to political and economic uncertainty, which could adversely affect consumer spending and its business operations[89]. - The company is classified as a U.S. real property holding corporation (USRPHC) as its interests in U.S. real property comprise at least 50% of the fair market value of its assets[113]. - Non-U.S. investors holding no more than 5% of the company's common stock are not subject to U.S. federal income tax on gains from the sale or exchange of such stock under FIRPTA Rules[113].

Financial Performance - Rental revenues decreased by approximately $750,000 to $196,000 for Q3 2020 from $946,000 in Q3 2019, primarily due to lower occupancy and increased concessions [148]. - Property operating expenses increased by approximately $1.5 million to $2.7 million for Q3 2020 from $1.2 million in Q3 2019, mainly due to $2.5 million in costs for repairing construction-related defects [150]. - Net loss attributable to common stockholders increased by approximately $2.8 million to $5.4 million for Q3 2020 from $2.6 million in Q3 2019 [161]. - For the nine months ended September 30, 2020, rental revenues decreased by approximately $2.7 million to $774,000 from $3.5 million in the same period in 2019 [162]. - Property operating expenses for the nine months ended September 30, 2020 increased by approximately $2.8 million to $5.5 million from $2.7 million in the same period in 2019 [164]. - General and administrative expenses remained flat at $4.0 million for the nine months ended September 30, 2020 and 2019 [167]. - Net income attributable to common stockholders increased by approximately $19.2 million to $11.9 million for the nine months ended September 30, 2020, from a loss of $7.3 million in the same period in 2019 [177]. Construction and Development - The construction of the 77 Greenwich project was temporarily suspended due to COVID-19, but has since resumed, with 100% of the building enclosure complete and residential unit framing approximately 80% complete as of September 30, 2020 [130]. - The company anticipates that the construction project for 77 Greenwich will be completed within budget, despite delays caused by COVID-19 [134]. - The company is currently in discussions with the lender to amend terms related to the sales pace covenant for the 77 Greenwich Construction Facility due to the impact of COVID-19 [134]. - The SCA has agreed to pay the company $41.5 million for the purchase of a condominium unit as part of the 77 Greenwich development, with an additional $5.0 million for construction supervision fees [131]. - The company recognized a gain of approximately $20.0 million from the sale of the school condominium unit to the SCA, along with an additional gain of $4.2 million related to the construction supervision fee [133]. Property Management - The Paramus property has a total rentable space of 77,000 square feet and achieved 100% rent collection during the third quarter ended September 30, 2020 [135]. - The 237 11th property has a current occupancy rate of 20.0% due to remediation work, with approximately 98.3% of rent collected during the third quarter ended September 30, 2020 [140]. - The Berkley, a joint venture property, is currently 96.8% leased and collected approximately 95.3% of rent due during the third quarter ended September 30, 2020 [141]. - Approximately 98.3% of rent due was collected during the third quarter ended September 30, 2020 [187]. - The occupancy rate currently stands at 20.0%, impacted by remediation work due to construction defects [187]. Cash Flow and Liquidity - As of September 30, 2020, total cash and restricted cash amounted to $18.2 million, a slight decrease from $18.7 million as of December 31, 2019 [179]. - The company expects to meet liquidity requirements through cash flow from operations, new debt financings, and proceeds from divestitures [178]. - Net cash used in operating activities increased by approximately $4.2 million to $7.0 million for the nine months ended September 30, 2020, compared to $2.8 million for the same period in 2019 [195]. - Net cash used in investing activities increased by approximately $7.6 million to $48.4 million for the nine months ended September 30, 2020, primarily due to investments in joint ventures [196]. - Net cash provided by financing activities increased by approximately $8.3 million to $54.9 million for the nine months ended September 30, 2020, compared to $46.6 million for the same period in 2019 [197]. Debt and Interest Rates - The Corporate Credit Facility has an outstanding balance of $34.0 million as of September 30, 2020, with an effective interest rate of 9.375% [183]. - The 237 11th Loan had a balance of $52.4 million as of September 30, 2020, with an effective interest rate of 2.75% [184]. - The 77 Greenwich Construction Facility has a balance of $135.2 million as of September 30, 2020, with an effective interest rate of 9.25% [188]. - The new 7-year Berkley Loan is for $33.0 million at a fixed interest rate of 2.717% and is interest-only for the first five years [192]. - The company has a variable-rate secured line of credit with a balance of $7.15 million, which is sensitive to market interest rate changes [216]. - A 100 basis point increase in interest rates could result in a change in interest expense ranging from approximately $480,000 lower to $1.8 million higher [216]. - The Corporate Credit Facility bears interest at a rate of 5.25% plus a scheduled interest of 4.0%, increasing by 0.125% every six months [215]. Risks and Future Outlook - The company has identified various risks, including political and economic uncertainty, which could materially affect future results [213]. - The company is exposed to interest rate risk as the primary market risk in its business strategies [211]. - The company may enter into interest rate hedge contracts to mitigate interest rate risk associated with its debt instruments [215]. - The fair value of the company's variable-rate debt is expected to decrease if interest rates increase, similar to bond price behavior [216]. - The company believes it can satisfy working capital needs through existing cash, debt issuances, and asset sales over the next 12 months [194]. Tax and Operating Losses - The company has approximately $227.6 million in federal net operating loss carryforwards as of September 30, 2020, which can reduce future taxable income and capital gains [127]. - The company has approximately $227.6 million in U.S. Federal net operating losses (NOLs) as of September 30, 2020 [199]. - Real estate tax expense decreased by $205,000 to $59,000 for the nine months ended September 30, 2020 from $264,000 in the same period in 2019, primarily due to the sale of the West Palm Beach property [166].

Financial Performance - Net income attributable to common stockholders increased by approximately $22.9 million to $20.5 million for the three months ended June 30, 2020, from a loss of $2.4 million for the same period in 2019 [159]. - Net income attributable to common stockholders increased by approximately $21.9 million to $17.3 million for the six months ended June 30, 2020, from a loss of $4.6 million for the same period in 2019 [174]. - Total rental revenues decreased by approximately $1.0 million to $274,000 for the three months ended June 30, 2020, from $1.3 million for the same period in 2019 [146]. - Total rental revenues decreased by approximately $2.0 million to $578,000 for the six months ended June 30, 2020, from $2.6 million for the same period in 2019 [160]. - Property operating expenses increased by approximately $346,000 to $1.2 million for the three months ended June 30, 2020, primarily due to $917,000 in costs incurred to repair construction-related defects [148]. - Property operating expenses increased by approximately $1.3 million to $2.8 million for the six months ended June 30, 2020, primarily due to $2.2 million in costs incurred to repair construction-related defects [162]. - General and administrative expenses increased by approximately $79,000 to $2.8 million for the six months ended June 30, 2020, compared to $2.7 million for the same period in 2019 [163]. - Depreciation and amortization expense decreased by approximately $391,000 to $1.4 million for the six months ended June 30, 2020, from approximately $1.8 million for the same period in 2019 [167]. - Interest expense, net increased by $272,000 to $254,000 for the three months ended June 30, 2020, from approximately $18,000 in interest income for the same period in 2019 [157]. - Interest expense, net increased by $289,000 to $250,000 for the six months ended June 30, 2020, from approximately $39,000 of interest income, net for the same period in 2019 [171]. Property and Development - The 77 Greenwich project is a mixed-use development with 90 luxury residential condominium units, 7,500 square feet of retail space, and a 476-seat elementary school, with construction temporarily suspended due to COVID-19 but expected to be completed within budget [129]. - As of June 30, 2020, the Paramus property is fully leased at 100%, while the 237 11th Street property has a leasing rate of 25.7% [129]. - The Berkley property, a joint venture, is fully leased at 100% and collected approximately 90.3% of rent due during the second quarter ended June 30, 2020 [140]. - The 250 North 10th Street property, also a joint venture, is currently 94.9% leased and collected approximately 92.0% of rent due during the second quarter ended June 30, 2020 [141]. - The company is exploring options for the Paramus property, including potential development or sale [135]. - The 237 11th Street property is undergoing remediation due to construction defects, with occupancy currently at 25.7% [138]. - The company recognized a gain of approximately $20.0 million from the sale of a condominium unit to the New York City School Construction Authority (SCA) as part of the 77 Greenwich project [132]. - The construction of the 77 Greenwich project was impacted by COVID-19, causing delays in the timeline for completion and sales of residential units [133]. Cash and Debt Management - As of June 30, 2020, total cash and restricted cash amounted to $22.2 million, an increase from $18.7 million as of December 31, 2019 [176]. - The Corporate Credit Facility had an outstanding balance of $34.0 million as of June 30, 2020, with an effective interest rate of 9.375% [180]. - The 77 Greenwich Construction Facility had a balance of $126.9 million at June 30, 2020, with an effective interest rate of 9.25% [184]. - The Corporate Credit Facility has a principal amount of $70.0 million, with an interest rate of 5.25% plus a scheduled interest of 4.0% [208]. - The 250 North 10th Loan bears interest at 3.39% for its duration, while the Berkley Loan was replaced with a new 7-year loan at a fixed rate of 2.717% [187][186]. - The company had a variable-rate secured line of credit with a balance of $7.25 million as of June 30, 2020 [209]. - A hypothetical increase of 100 basis points in interest rates would result in a change in interest expense ranging from approximately $1.9 million lower to $0.6 million higher [211]. - The fair value of the company's variable-rate debt is sensitive to changes in market interest rates, similar to how bond prices decline as interest rates rise [209]. - The information presented only reflects exposures as of June 30, 2020, and does not account for any changes or exposures arising after that date [211]. - Future realized gains or losses related to interest rate fluctuations will depend on cumulative exposures and hedging strategies employed [212]. Tax and Losses - The company has approximately $224.2 million in federal net operating loss carryforwards (NOLs) as of June 30, 2020, which can be utilized to reduce future taxable income and capital gains [126]. - U.S. Federal net operating losses (NOLs) were approximately $224.2 million as of June 30, 2020, up from $162.8 million at the emergence date of the Syms bankruptcy [194]. - A valuation allowance of $58.3 million was recorded as of June 30, 2020, indicating that it is more likely than not that the entire deferred tax assets will not be realized [196]. - The company recorded $167,000 in tax expense for the six months ended June 30, 2020, compared to $191,000 for the same period in 2019 [173]. Cash Flow Activities - Net cash used in operating activities increased by approximately $5.4 million to $6.1 million for the six months ended June 30, 2020, compared to $706,000 for the same period in 2019 [191]. - Net cash used in investing activities increased by approximately $12.3 million to $37.2 million for the six months ended June 30, 2020, primarily due to investments in joint ventures [192]. - Net cash provided by financing activities increased by approximately $14.7 million to $46.8 million for the six months ended June 30, 2020, compared to $32.1 million for the same period in 2019 [193]. Joint Ventures - The joint venture acquired The Berkley for a purchase price of $68.885 million, financed with a $42.5 million loan and cash [186]. - The 250 North 10th JV acquired a 234-unit apartment building for $137.75 million, with $82.75 million financed through a 15-year mortgage loan [187]. - Equity in net loss from unconsolidated joint ventures increased by approximately $719,000 to $1.1 million for the six months ended June 30, 2020, from approximately $407,000 for the same period in 2019 [169].